Resolution Number 3478-17 was adopted October 2, 2017, which approves the establishment of a Property Assessed Clean Energy (PACE) program in the City and associated interlocal agreements with the Florida Green Finance Authority, The Green Corridor PACE District, Florida Resiliency and Energy District, and the Florida PACE Funding Agency.
This program offers non ad valorem financing for commercial or residential qualified improvements that will be paid back by the owner with interest through a special assessment on their property taxes.
Qualified improvements offered per statute include energy conservation and efficiency (ex. pre-approved high-efficiency HVAC system), renewable energy (solar), and wind resistance improvements (such as reinforced roofs). Participation in the assessment is voluntary by the property owner.
The improvements installed on the owner’s property are financed by the individual PACE agencies and secured by a voluntary assessment levied on the owner’s property. Property owners who wish to participate in PACE agree to repay the financing as a non ad valorem assessment collected on their annual regular tax bill.
There are currently four (4) PACE districts in the State of Florida. Each of the PACE districts is administered by the following third parties.